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<br /> Staff is proposing that the City-owned parcels, or tax-exempt equivalent units, arc included in the . <br /> preliminary asscssment roll at an equivalent of six (6) residential assessable units. If Floral Park <br /> were ever subdivided, four (4) lots could front Royal Lane. The footage along Royal Lane could <br /> allow for five (5), however an existing wetland eliminates the possibility of one of the lots. The <br /> City parcel across the street from the park is similar in size to the existing residential lots on the <br /> street, therefore should be equated as such. <br /> If the City council agrees with staffs recommendations, eight (8) residential equivalent units and <br /> two (2) tax-exempt equivalent units equal to five (5) residential equivalent units would be <br /> included in the preliminary assessment roll. While the assessment for the two potential lots at <br /> 1465 Floral Lane may be deferred until such a development occurs, staff feels they should be <br /> included in the assessment rate calculation to keep with the assessment policy. <br /> Assessment rates <br /> Two assessment rates are proposed: a commercial assessment and a residential assessment. Tax- <br /> exempt assessments are proposed as rcsidential equivalents. Staff is proposing two options to the <br /> City Council regarding the calculation of the proposed residential assessment. <br /> Estimated street improvement project cost ........................................................$731,881.58 <br /> Commercial project cost $82,621.65 <br /> Residential project cost $649,259.93 <br /> Commercial rate . <br /> Commercial project cost $82,621.65 <br /> Assessable amount (70%) $57,835.15 <br /> Total assessable Commercial Equivalent Units (CEU) .......................................................8 <br /> . 100% of project cost/ unit ..................................................................$1 0,327.71 <br /> . Estimated street assessment per unit <br /> (70% of project cost/unit) ........... ...... ....................... .......... ....... .... .... ...$7,229.39 <br /> Residential rate <br /> Residential project cost $649,259.93 <br /> Assessable amount (50%) $324,629.97 <br /> Option 1- Assess residential units based on the project cost of aU residential streets divided <br /> by the number of assessable lots. <br /> Total assessable Residential Equivalent Units (REU) .....................................................137 <br /> (ineludes Tax-exempt Equivalent Units (TEU) as described above) <br /> . 100% of project cost/ unit .....................................................................$4, 739.12 <br /> . Estimated street assessment per unit <br /> (50% or project cost/unit) ....... .......... .......... ..... ...... ..... ............... ..... ...... .$2,369.56 . <br /> 31 <br />